Why Plant-Based Consumer Goods Are A Booming, Multi-Billion Dollar Business
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., July 20, 2021 /PRNewswire/ — Food manufacturers ranging from startups to well-known companies to the world’s largest meat companies are innovating rapidly in the plant-based market. Next-generation plant-based meat, egg, and dairy products are increasingly competitive with animal products on taste, price, and accessibility. Distribution is expanding, and a growing number of mainstream consumers are buying plant-based options. In the U.S., 98 percent of people who buy plant-based meat also purchase conventional meat, says The Good Food Conference. They add that More consumers than ever are seeking to reduce their meat consumption and eat more alternative proteins…and Increasing consumer demand for plant-based options is driving restaurants and retailers to offer more plant-based selections. Of consumers who have tried plant-based meat, 80 percent plan to replace some or all animal-based meat with plant-based meat in the next year. A report from Meticulous Research added: “Plant-based food products are defined as a finished product consisting of ingredients derived from plants that include vegetables, fruits, whole grains, nuts, seeds, and/or legumes. What differentiates them from animal-based foods is that their fiber fraction is made of indigestible compounds, mainly, pectins, hemicellulose, cellulose, and/or resistant starch. The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027.” Active Companies in the markets today include AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), Agrify Corporation (NASDAQ: AGFY), urban-gro, Inc. (NASDAQ: UGRO), GrowGeneration Corp. (NASDAQ: GEWG), Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM).
Meticulous Research continued: “Based on product type, the plant-based food market is segmented into dairy alternatives, meat substitutes, egg substitutes (plant-based eggs), confectioneries, and other types. In 2020, the dairy alternatives segment is estimated to account for the largest share of the overall plant-based food market. Factors such as huge demand for dairy alternatives, awareness about animal abuse in modern dairy farming practices, and nutritional benefits offered by plant-based dairy products are driving the growth of this segment. Further, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives. In 2020, the plant-based milk segment is estimated to hold the largest share of the overall dairy alternatives market. The increasing prevalence of lactose intolerance and consumer preference for vegan diets are the key factors driving the demand for plant-based milk alternatives, such as almond and soy milk. However, the yogurt segment is expected to grow at the fastest CAGR during the forecast period… However, the burger patties segment is expected to grow at the fastest CAGR during the forecast period.”
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) BREAKING NEWS: AgriFORCE Growing Systems Appoints Consumer Packaged Goods Industry Veteran, Mauro Pennella, as President AgriFORCE Brands and Chief Marketing Officer of AgriFORCE Growing Systems Ltd. – AgriFORCE Growing Systems Ltd. (“the Company”), an innovative agriculture-focused technology company that delivers reliable, financially robust solutions for high-value crops through proprietary facility design and automation, has appointed Mauro Pennella as President of the Company’s AgriFORCE Brands division and Chief Marketing Officer of AgriFORCE Growing Systems Ltd.
Mr. Pennella will be tasked with creating and growing the family of AgriFORCE’s product brands across multiple agricultural verticals, including foods, plant-based proteins, plant-based nutraceuticals, plant-based vaccines, and other targeted products, leveraging AgriFORCE’s cultivation IP. He will be responsible for the AgriFORCE Brands division commercial strategy, including brand marketing and competitive positioning, as well as advising on and integrating mergers and acquisitions.
Mr. Pennella is a consumer products veteran with more than 30 years of experience in the consumer-packaged goods industry. Prior to joining AgriFORCE, he was Chief Growth & Sustainability Officer at McCain Foods, a Canadian multinational frozen food company. In that role, he was responsible for global marketing, sales, research and development (R&D) and sustainability. Previous to that, Mr. Pennella served as the President, International of Combe Incorporated, a personal care products company where he oversaw the international division, R&D and the internal advertising agency. He was also a member of the Executive Committee at Combe Incorporated, where he was responsible for the P&L—overseeing eight subsidiaries with more than 100 employees around the world. Prior to that, Mr. Pennella led the Retail and International businesses at Conagra’s Lamb Weston division and developed his career at Diageo and Procter & Gamble. Mr. Pennella received a Master of Business from Audencia, a premier European business school, as well as an M.A.B.A. in Marketing and Finance from The Ohio State University Fisher College of Business.
“Mauro’s track record of growing sales and awareness for global food and consumer packaged goods brands will be instrumental in AgriFORCE’s success,” commented Ingo Mueller, CEO of AgriFORCE. “He is a successful industry veteran that shares our passion for creating healthier, more sustainable ways of feeding and healing the planet using the latest technological innovations in agriculture. His appointment is especially timely as we advance a variety of initiatives to leverage our agricultural production solutions by launching new and healthy consumer-branded products. He will be responsible for the strategy, planning, organizing, staffing, and training needed to achieve our vision.”
Mr. Pennella stated, “I am excited to join what I believe is an incredibly well positioned company at a key inflection point. AgriFORCE has developed a first-of-its-kind precision ecosystem that I believe will cost-effectively yield the cleanest, greenest and most flavorful produce available, as well as consistent medical grade plant-based nutraceuticals and pharmaceuticals. I am eager to apply my knowledge of the packaged goods industry to help drive growth and create substantial market share for AgriFORCE’s portfolio of products.” CONTINUED… Read this full release for AgriFORCE Growing Systems at: https://ir.agriforcegs.com/
Other recent developments in the markets include:
urban-gro, Inc. (NASDAQ: UGRO), a fully integrated engineering and cultivation systems integration company for commercial cannabis and food-focused Controlled Environment Agriculture (“CEA”) facilities, recently announced that it will report its financial and operating results for the second quarter ended June 30, 2021, after market close on August 11, 2021.
urban-gro’s management team will host a conference call and audio webcast that evening at 5:00 p.m. ET consisting of prepared remarks followed by a question and answer session related to the Company’s operational and financial highlights.
GrowGeneration Corp. (NASDAQ: GEWG), the nation’s largest chain of specialty hydroponic and organic garden centers, recently announced that Power Si, a proprietary brand operated and owned by GrowGen, has signed an exclusive distribution agreement with GreenPlanet Wholesale, one of Canada’s oldest and most trusted hydroponic distributors. PowerSi’s original patented formula of mono-silicic acid has consistently proven to improve the yield, strength, and lateral branching of crops and is a must-have for new and experienced growers. Power Si is widely used in North America and facilitates fast, visible and structured periods of both vegetative and flowering growth.
“We are thrilled that, at long last, Canadians will have the opportunity to experience firsthand what Power Si brings into their gardens. This is a groundbreaking product with proven success in the garden and a huge following in countries around the world. At GreenPlanet Wholesale, we are committed to bringing our customers the best products the industry has to offer, and Power Si is another example of this. This product has been long-awaited in the Canadian Marketplace and we could not be prouder to partner with the great team at Power Si. I can’t wait to hear from our growing community as they begin to use this exciting new product.” stated Mark Walman, Chief Operating Officer for GreenPlanet Wholesale.
Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM), a leading distributor and manufacturer of hydroponics equipment and supplies, recently announced that it has completed its previously announced acquisition of Aurora Innovations, Inc., Aurora International, Inc., and Gotham Properties LLC, a Eugene, Oregon-based manufacturer and supplier of organic hydroponic products. The announcement follows Hydrofarm’s recent acquisitions of hydroponic nutrient brands HEAVY 16, House & Garden and Mad Farmer.
Hydrofarm is a leading distributor and manufacturer of controlled environment agriculture equipment and supplies, including high-intensity grow lights, climate control solutions, and growing media, as well as a broad portfolio of innovative and proprietary branded products. For more than 40 years, Hydrofarm has helped growers in the U.S. and Canadian markets make growing easier and more productive. The Company’s mission is to empower growers, farmers and cultivators with products that enable greater quality, efficiency, consistency and speed in their grow projects.
Agrify Corporation (NASDAQ: AGFY), a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agriculture marketplace, recently announced that it has received a license from the state of Massachusetts for the cultivation and production of industrial hemp (the “License”) at the Company’s Billerica, Massachusetts facility (the “Facility”). Under the License, Agrify expects to cultivate up to 3,000 plants per year. Concurrent with the receipt of the License, the Company also announced it has officially opened its product showcase and corporate office at the Billerica location to customers and visitors.
Cultivation at the Facility is slated to begin in August 2021 with the programs initially focusing on the optimization of chemical metabolite production, increasing biomass, and delivering cultivation grow plans designed to elicit specific chemotypic and phenotypic trait expression in hemp plants. The newly opened Facility features eleven Vertical Farming Units (“VFUs”) and one Integrated Grow Rack, each highlighting the impact that Agrify’s VFUs have on quality, consistency, and yield in hemp cultivation. The Billerica center will provide a venue for research, training, hands-on education, and the optimization of processes that will improve the outcomes and success of Agrify’s customers.
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